New York Mayor Eric Adams Celebrates Bitcoin Profits After Backlash

• Eric Adams receives salary in Bitcoin and Ethereum
• Bitcoin to surpass $95.000 by December 2024
• US Mayors Adopt Cryptocurrencies as Payment

New York City Mayor Eric Adams, known for his low profile, recently addressed critics of his decision to receive his first paychecks in Bitcoin. During a press conference on Tuesday, Adams recalled: “Remember when you laughed at me when I got my Bitcoin? Who’s laughing now?” He followed up with a laugh and suggested they check the current value of their Bitcoins.

#IYKYK #FFTB

“You all mocked me, 'You're taking your first 3 paychecks in # Bitcoin , what's wrong with you?' Now you wish you would have done.”

NYC Mayor Eric Adams

pic.twitter.com/PtRMiGMhIb

—Steve | Crypto.com (@skalifowitz) December 4, 2024

In January 2022, upon taking office, Adams opted to convert his first three paychecks into Bitcoin and Ethereum, totaling approximately $32.000 at the time. Since then, Bitcoin has more than doubled in value, surpassing $95.000, while Ethereum has appreciated by about 40%, reaching $3.781.

At the time of publication, the price of NOME was quoted at US$96.402,51, up 1.4% in the last 24 hours.

Adams recalled the criticism he received: “You all made fun of me. ‘You’re getting your first three salaries in Bitcoin, what’s wrong with you?’” He concluded: “Now you wish you had done the same.”

However, Adams’ relationship with cryptocurrencies has not been without controversy. A year after receiving part of his salary in BTC and ETH, he faced criticism for failing to disclose his cryptocurrency holdings in a mandatory report to the city’s Conflicts of Interest Commission. Additionally, in September, Adams became the first New York City mayor to be indicted on criminal charges while still in office. The U.S. Department of Justice accused him of receiving luxury trips and other benefits from Turkish officials and businesspeople in exchange for favorable treatment of the country’s interests in New York.

Since his indictment, Adams has resisted calls to resign and sought rapprochement with former President Donald Trump, known for his support of cryptocurrencies, who will take office on January 20. During the press conference, Adams, a Democrat, said of Trump: “I have made it clear that I will not be at odds with this administration. I will work with this administration.”

Adams isn’t the only politician to receive a salary in cryptocurrency. Miami Mayor Francis Suarez also said he received his entire salary in Bitcoin. In addition, Belgian parliament member Christophe De Beukelaer announced in 2022 that he would be paid in the world’s largest cryptocurrency.